The present invention relates generally to the field of electronic payment transactions, and more particularly, to systems and methods for securely creating provisional financial accounts that enable electronic payment transactions while minimizing the risk of compromising sensitive data.
The use of portable electronic devices to conduct financial transactions is growing in popularity. Current systems store sensitive customer information to the electronic device itself, including credit card numbers, debit card numbers, or customer identifying information. This presents a risk if the portable electronic device is lost or compromised. Additionally, new technologies have changed customer expectations with regard to the amount of time it takes to establish a new account. In particular, customers expect to have the ability to conveniently and securely establish a new account within minutes using portable electronic devices.
When opening a new account, however, financial service providers must have sufficient time and information to verify a customer's identity and the authenticity of portable electronic devices used to conduct payment transaction. Thus, new technologies and the accompanying customer expectations present a risk to financial service providers. It would, therefore, be advantageous to provide systems and methods that permit secure, convenient creation of accounts used to conduct payment transactions with portable devices while also minimizing the risk of compromising sensitive customer data.
Accordingly, it is an object of the present invention to provide systems and methods that enable the convenient, prompt, and secure creation of provisional accounts that can be used to conduct payment transactions through portable electronic devices. The provisional accounts do not include sensitive customer data such that, if the electronic device or provisional account were compromised, it would not permit direct access to a consumer's financial accounts. In the event of a security breach, the provisional account can be cancelled and a new account issued to mitigate risk to the consumer.